Is it love or fear that drives the trading frenzy?
One way of looking at the two systems would be to call the old system investing, and the new system gambling. Is day trading or short selling stocks any different than sitting down at a blackjack table and hoping that the dealer will turn over an ace and a ten for you?
It is true that there has always been an element of gambling in owning stocks. No one could ever guarantee any stock owner a profit from their purchase, but the law of supply & demand could provide you with expectations and reality checks, and a person could have time to adjust their portfolio. Churning and burning shares over and over every day is so often unrelated to the actual supply & demand for the actual goods and services represented by stocks.
One way of viewing love and fear in the stock market is this. When a person invests in a stock because they admire the company and its work, it is an act of love. When a trader frantically jumps in and out of issues all day, it is an act of fear.
There is an old saying among pool sharks: "When a person starts to play with their lunch money, the pockets start to move."